There are 3 ways that CO2 is transported in the body;
1. Carbonic acid
2. Dissolved carbon dioxide in plasma
3. Red blood cells
The answer is carbonic acid. In the tissues, some of the dissolved carbon dioxide in the plasma reacts with the water to form carbonic acid which is also used by the body as a pH buffer. This is catalyzed by a carbonic anhydrase enzyme. In the alveoli, the carbonic acid reaction is reversed by the same enzyme back to water and carbon dioxide (which is respired out).